Bitcoin prices stabilized around $71,223 in early Wednesday trading, marking a 7% increase over the past 24 hours. Despite the generally positive market sentiment, the price has yet to effectively break through the key resistance level of $70,000 and is currently fluctuating within the $65,000 to $70,000 range. Technical indicators show increasing buying power, with the MACD line consistently above the signal line and the RSI maintaining around 66, reflecting a moderately bullish market state that has not yet entered overbought territory. If it can break through $70,000, it is expected to challenge $72,000; conversely, if it encounters resistance, it may retrace to the $67,000 or $65,000 support levels.
Recent heightened global geopolitical tensions have become a significant external factor driving the trend of crypto assets. In early 2026, the military standoff between the United States and Iran escalated, with the U.S. joining Israel in conducting an operation codenamed "Epic Fury." Iran responded with missile attacks and regional proxy forces, leading to increased risks in Middle Eastern shipping and energy transportation routes. The energy market experienced dramatic fluctuations, with oil and natural gas prices fluctuating significantly, which in turn affected global inflation expectations and monetary policy trends, prompting some investors to turn to non-traditional assets such as Bitcoin for hedging.
Ethereum prices remained stable above $1,900 during the same period. Although its spot ETF experienced a single-day net outflow of $10.75 million, BlackRock's ETHA product recorded a single-day net inflow of $41.92 million, indicating that institutions still have a structural preference for Ethereum. Although the overall market is in a correction phase, the divergence in ETF fund flows highlights investors' continued interest in high-quality public chain assets.
As for XRP, the related spot ETF saw a single-day net inflow of $7.53 million, which is smaller than Bitcoin but shows a steady demand for mainstream altcoins during the period of volatility. Overall, the crypto market is undergoing a structural evolution driven by both geopolitical risks and regulatory expectations. As a new engine of liquidity, ETFs are gradually changing the price formation mechanism and enhancing the resilience of assets in volatile environments.